41-2673 - Arizona Statutes

41-2673. State electronic commerce fund A. The state electronic commerce fund is established consisting of monies appropriated by the legislature and any gifts, grants or devises for the benefit of the fund. The department shall administer the fund. Monies in the fund are continuously appropriated and are exempt from the provisions of section 35-190 relating to lapsing of appropriations. B. Monies in the fund shall be used to help finance electronic commerce initiatives by purchasing agencies if other funding mechanisms do not exist or cannot be used. The department shall disburse monies in the fund to purchasing agencies based on agency requests and statewide electronic commerce priorities. C. If a purchasing agency realizes savings through implementation of its electronic commerce initiative funded by the state electronic commerce fund, the purchasing agency shall repay the fund the amount of monies originally disbursed to the agency plus ten per cent of the agency savings. The purchasing agency may retain the remainder of the savings generated through its electronic commerce initiative. D. On notice from the department, the state treasurer shall invest and divest monies in the fund as provided by section 35-313, and monies earned from investment shall be credited to the fund.